According to The Irish Times, Philip Hammond, British Finance minister stated that the problem of exchange across the Irish border after Great Britain leaves the EU might be solved by applying blockchain technology.
Talking at the Tory party conference in Birmingham, when asked how the Great Britain will able to continue the frictionless trade after the Brexit, Hammond stressed that “there is technology becoming available […] I don’t claim to be an expert on it, but the most obvious technology is blockchain,”
As reported by Forbes on February, the U.K. and the EU decided to leave the borders among Republic of Ireland and the Northern Ireland open. The parties, however, are still debating how to make this agreement happen.
With Brexit, the U.K. also plans to leave the EU Customs Union which causes a lot of problems such as need for border controls between the Republic of Ireland, which will remain in the EU and the Northern Ireland which is a part of the Great Britain. Forbes adds that even after London’s offer -signing an all-inclusive agreement with the continental bloc- there will be still legal requirements such as the products’ country identification to ensure the agreement.
Technology allows goods’ movement to be logged transparently and without changes. Therefore, the operation of blockchain could help to solve the Irish border problem. Back in August, Maersk, a logistics giant revealed the launch of a blockchain resolution with IBM – including 94 organizations, with 154 million shipping events.
Early this year, the National University of Ireland (NUI) Galway announced a study, wanting the government blockchain promotion more wide range in the country. The University recommends to rise the blockchain awareness and adoption, which can affect the economic growth positively. Additionally, it can also help with creating a platform for the U.K. and the Irish organizations to continue their businesses.
Author: Berna Bayindir
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